Long Term Care

Are You Properly Covered?

Few people give serious thought to what might happen if they can no longer look after themselves in later life. Nursing homes and round-the-clock care might be more than you or your family can afford. Talk to an expert and find out how you can lessen the financial worry and the burden.

Why you should consider a long term care policy:

Put simply, you can't rely on the State's Social Services to automatically pick up the costs of any long term care, especially with all the pressure on Local Authority spending. Currently if your assets are more than £19,000 (in wales), you will be assessed as being able to pay for your own care. To calculate your financial status, you will usually be subject to a rigorous means test. Your income, pension, savings - not to mention the value of your property - will all be taken into account.
Awful as it may seem, you could be faced with the unhappy prospect of selling your home to pay for the care you need. With costs amounting to as much as £30,000 a year for constant nursing, or an average of £17,000 for Residential Care, any plans you had for leaving an inheritance would probably have to be put aside.

How an IFA can help you:

To fund the expensive costs of long term care, it pays to plan ahead by taking out a long term care insurance policy. Your IFA can help you choose an insurer which is the most cost effective for you.
While value for money is an important criteria to consider, it isn't the only one. Just as essential is whether a company can provide support and guidance services exactly when you need them. Some will help by locating an appropriate Care Provider and offer advice on nursing homes. Others only offer a basic information service. Your IFA has all the different insurers at hand. So if you are looking for a comprehensive Care Support package for yourself or maybe an elderly relative, he or she will have all the answers.

In summary:

Your assets could be under risk in order to pay for any long term care.
Taking out a policy gives you the freedom to choose what care you receive should you have to confront the prospects of dependency.
With all the costs covered, you're not reliant upon your Local Authority for the quality of care.
You don't have to face a strict "means test" at a time that is potentially distressing.
Your partner isn't financially affected, and your family inheritance plans can remain intact.

Statistics show that people are living longer. It's important to make sure you are financially covered against the effects of old age. For the best long term care policy for you, talk to an IFA. They are qualified to give independent advice.

Some questions you might like to ask your IFA.

What life expectancy will my cover be based on?
Is there a plan that covers care in my own home?
How much can I expect the monthly premiums to be?
At what stage will I be entitled to claim?
What range of services does your recommended policy include?
What if I decide to retire abroad?

Some of the products and services offered by IFAs may not be regulated by the FSA. The value of investments can go down as well as up. Past performance is no guarantee of future performance.